The credit card acceptance landscape is constantly changing. Since the pandemic began, credit card usage has increased significantly. That’s why it’s imperative to stay up to date on the latest trends when it comes to accepting credit cards because these trends could directly affect your business!
Digital & Contactless Payments are Here to Stay
The surge began due to the pandemic and since then, businesses have taken note of the convenience digital and contactless payments provide their customers. According to Digital Commerce 360, online spending represented 21.3% of total retail sales for the year of 2020. To stay with the demand of online shopping from your customers, it’s important to ensure your online credit card portal is up to date for a seamless checkout experience. This also includes contactless payments. In fact, more than half of Americans are now using some type of contactless payment when shopping, whether that is a digital wallet or contactless card technology.
Hello EMV Compliance, Goodbye Mag Stripes
Chip technology is a superior alternative to the mag stripe predecessor. Since the liability shift in 2015, merchants accepting credit cards using non-EMV-compliant terminals automatically assume liability for fraudulent transactions and all chargebacks, regardless of reason or validity. So, while EMV-compatible terminals are not technically mandated by law, EMV compliance offers enormous benefits to your business. Do not run the risk of liability for chargebacks – it could cost you thousands of dollars! If you are currently not EMV compliant, becoming so is easy and far worth any extra effort.
Compliant Surcharge Programs
The biggest shift in the credit card industry is compliant surcharging programs. So, what’s the big deal with surcharging anyway? While merchants accepting credit cards have been outspoken regarding the cost of fees – compliant surcharge programs are the answer to lowering or even eliminating those fees. By entering a qualified surcharge program, merchants can pass credit card transaction fees to their customer. While surcharging on debit card purchases is not compliant, the opposite is true for credit card purchases. Programs like our CardX Surcharge Program meet all regulatory requirements and is fully compliant in most states except for Colorado, Connecticut and Massachusetts. (In New York and Maine, an additional disclosure is required)
As a team of industry veterans and a family-owned business, we understand the importance of cost savings. Staying in the know of industry trends allows our customized and technology-driven processing solutions to work for every unique business environment and address specific needs. Whether that’s becoming EMV compliant, embracing contactless payment terminals or making the switch to our popular surcharge program, OTM Payments has you covered.
To learn more about our programs, email us at [email protected] or give us a call at 732-230-7702.
Copyright © 2022 - On The Mark Payments, LLC is a registered ISO of Wells Fargo Bank, Concord, CA. On The Mark Payments provides electronic payment processing services to merchants throughout the country.